accountants and business advisers
News - 13 Nov 2017
For the 3rd year running the Thai government have announced tax breaks on a number of items aimed at individual taxpayers as they do their shopping on the run-up to Christmas and New Year. Each year the time period has extended, the allowable goods and services has expanded and the eligible retailers and distributors has grown. In 2015 it lasted only 7 days whilst in 2016 it lasted 18 days. This year it will run from 11th November to 3rd December – 23 days, expanding to items like air tickets (if VAT is payable on them and travel is within this period). Whilst this has been gratefully received by tax payers in Thailand not everyone is clear on how it actually works. Our Tax team break it down and explain how you can take advantage of these tax breaks.
Also a theme of the Digital Economy in Thailand 4.0 is cyber security. In general terms the sophistication of “the bad guys” is fast outstripping the abilities of “the good guys”.
As we move towards Thailand 4.0 and consider the impact of the Digital economy, a question which is often raised is where and how should companies who are operating across borders in the digital age, pay tax.
News - 04 Oct 2017
The government has confirmed that Thailand’s tax rate will hold steady at 7% from 1st October 2017 until end of September 2018. VAT was introduced in Thailand on 1st January 1992 and replaced the Business and Municipal Tax (BMT) system which had been in place for the previous 20 years. In fact it was implemented at 10% at that time but reduced instantly by the government and every government since. However how much longer will it continue, what may it go up to, and how does this rate compare to neighbouring countries?
It was another busy month for cyber criminals: from hacking to spamming to leaking. Our colleagues at PKF O’Conner Davies in New Year provided this “Cyber Roundup” in September 2017. These have been consolidated by Thomas J. DeMayo, Principal, Cyber Risk Management. In just one month hundreds of millions of emails addresses were compromised, terabytes of data stolen and even a vital medical device needed a cyber patch to protect its users. We can never underestimate the cyber criminal mind — it is patient, wily and adaptable. So, we need to be ever vigilant, knowledgeable and proactive to minimize threats.
The Department of Employment, Ministry of Labor in Thailand, is cooperating with the Board of Investment (BOI) and the Immigration Bureau to implement an e-Service system for foreign experts when they apply for their visa and work permits. The BOI will facilitate these experts regardless of whether they work in a BOI-promoted company or not and can access services at the One Stop Service Center (OSSC) for Visa and Work Permits. A pilot project has been implemented and the fully implemented system is currently slated to begin on 1st January, 2018 with training and workshops happening over the course of the next 3 months.
In September, PKF Thailand was invited to join a panel at an event hosted by The Australian-Thailand Chamber of Commerce (AustCham Thailand) at the Australian Embassy on the launch of their 2017 ASEAN Business Survey. Andrew McBean, CEO of PKF Thailand, was invited to be on the panel in his capacity as an ASEAN and AEC trade specialist. During the event the survey results were revealed by AustCham Thailand’s President, Mr. Brenton Mauriello. The panel also included Australian Ambassador to ASEAN, Ms. Jane Duke and the CFO & VP Business Development of NS BlueScope Thailand, Myanmar & Laos, Mr. Sam McMahon. The details of the panel discuss and the survey can be found here.
News - 19 Sep 2017
On Thursday 14th September, 2017 Andrew McBean, CEO of PKF Thailand was a panelist at the Australian Embassy. The occasion was to join the Australian-Thai business community to discuss the ‘Australian Business in ASEAN Survey’, elaborating on what the results mean to Australian Business in Thailand and ASEAN, and what opportunities and challenges await us in 2018.
For more information on how our services can help your business get in touch.